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Gafferk order set at A cheeky 345p
Silver only 10p ofc my perdition.
I'll be topping up next 30mins or so when today's bottom has been reached.
Ready for the push back up to 500p
......
We need more good news for oil to head north.
Tomorrow the 14th April is out review date to be released, I can’t see that happening any time soon.
Also the oil storage tanks are filling up faster than Prince Mohammed bin Salman can take his Tea towel off his head.
With no demand no good news oil south.
OPEC on the 5th should of released May’s oil prices, But because of the over run of the G20 it was delayed.
This just might help in getting the price of oil north again
Bwtfdk
Been thinking the same
OPEC+ agrees largest ever oil output cut of 9.7 mln bpd – sources
12 April 2020 18:52
LONDON, April 12 (Reuters) – OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources said.
The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.
Russia, ahead of OPEC+ meeting, calls Saudi's move to boost output irrational – TASS
12 April 2020 16:16
MOSCOW, April 12 (Reuters) – Russian Energy Minister Alexander Novak said on Sunday that Saudi Arabia's decision to increase oil output was irrational, Russian state news agency TASS reported, before OPEC and non-OPEC countries hold an online meeting.
Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair the meeting on crude output later on Sunday after the group known as OPEC+ outlined plans on Thursday to cut oil production by more than a fifth support prices hit by the
coronavirus crisis. ...
To run the oil-and-gas operations, banks might hire former industry executives or specialty firms that have done so for private equity, sources said. Houston-based EnerVest Operating LLC would be among the most likely operators, sources said.
"We regularly look for opportunities to operate on behalf of other entities, that is no different in this market," said EnerVest Operating's chief executive, Alex Zazzi.
RPT – EXCLUSIVE – U.S. banks prepare to seize energy assets as shale boom goes bust
12 April 2020 14:00
By David French and Imani Moise
NEW YORK, April 9 (Reuters) – Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.
JPMorgan Chase & Co , Wells Fargo & Co , Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to manage them, the sources said.
The banks did not provide comment in time for publication.
Energy companies are suffering through a plunge in oil prices caused by the coronavirus pandemic and a supply glut, with crude prices down more than 60% this year.
Although oil prices may gain support from a potential agreement Thursday between Saudi Arabia and Russia to cut production, few believe the curtailment can offset a 30% drop in global fuel demand, as the coronavirus has grounded aircraft, reduced vehicle use and curbed economic activity more broadly. ...
Oil and gas companies working in shale basins from Texas to Wyoming are saddled with debt.
The industry is estimated to owe more than $200 billion to lenders through loans backed by oil and gas reserves. As revenue has plummeted and assets have declined in value, some companies are saying they may be unable to repay.
Whiting Petroleum Corp became the first producer to file for Chapter 11 bankruptcy on April 1. Others, including Chesapeake Energy Corp , Denbury Resources Inc and Callon Petroleum Co , have also hired debt advisers. ... ... ... ...
If banks do not retain bankrupt assets, they might be forced to sell them for pennies on the dollar at current prices. The companies they are setting up could manage oil and gas assets until conditions improve enough to sell at a meaningful value.
Big banks will need to get regulatory waivers to execute their plans, because of limitations on their involvement with physical commodities, sources said.
Banks are hoping their planned ownership time frame of a year or so will pass a Federal Reserve requirement that they do not plan to hold assets for a long time. Because lenders would be stepping in to support part of the economy that is important to any potential rebound, and which has not gotten direct bailouts from the federal government, that might help applications, too.
For now, the banks are establishing holding companies that can sit above limited liability companies (LLCs) containing seized assets. The LLCs would be owned proportionally by banks participating in the original secured loan.
To run the oil-and-gas operations, banks might hire former industry executives or specialty firms that have done so for pr
If Mexico won't step up to the table and reduce down to the 400,000 bopd.
What implications may they suffer. Thanks in advance
For producers, the cuts are bitter but necessary medicine for low prices. Iraq is relying on oil revenue to rebuild after years of brutal internal conflict, and yet committed to reductions of 1 million bpd.
Mexican Walk Out
Some delegates accused Nahle of hanging up on the other ministers during the video conference, but she pushed back against that on Friday, saying in a Mexican radio interview she had been "respectful of the other countries" and that each government had to consider its own capacity.
"We all lose in this situation: The producing countries lose and even the consumers do too," she said.
At the heart of the debate has been the reference production level used by Mexico, which for this year has hedged its oil output at $49 per barrel, well above current prices, said one source. It will lose revenues if forced to make cuts.
Delegates tried various ways to get around the issue, but in the end Saudi Arabia "was inflexible," said one OPEC source.
On Friday, Prince Abdulaziz told Reuters the future of the deal hinged on Mexico joining the cuts. The Saudi government was not immediately available for comment on Saturday.
Saudi Arabia has for years complained it has to bear the brunt of global output cuts to prop up prices even as other countries have increased production. The desert kingdom is also currently chair of the Group of 20 economic powers.
Other top oil producers have signaled the U.S.-Mexico arrangement is no hindrance to getting a deal, with the United Arab Emirates and Algeria saying on Saturday a workable deal had been reached. ... ...
Moscow does not mind how the output cut share would be split between Mexico and the United States, and it considered the deal to be already done, a Russian source said.
Some diplomats in Mexico City were baffled Lopez Obrador had struck a deal with Trump, who has been a thorn in the side of Mexico on trade and migration since he took office.
Without offering details, Trump said Mexico would reimburse the United States at a later date, although it is unclear how the deal would work. The diplomats agreed that Mexico would likely pay a price in future.
Lopez Obrador's commitment to Pemex has given him a nationalist flag to fly, but energy experts are doubtful he has the means to significantly turn around the company's fortunes.
Lopez Obrador's plans have put him out of step with the world's energy sector in other ways. His government announced investment plans for Pemex last week, even as the world's biggest private and state-run energy firms slashed their spending plans by an average of about a third.
Even some veterans of the Mexican left who lived through the expropriation of U.S. and British oil assets in 1938 that led to Pemex's creation think he has placed too big a bet on it.
Those who know him well do not think he will back down.
"(Oil) was the banner he flew for years to get to the presidency," said Polimnia Romana Sierra, a longtime close aide
For producers, the cuts are bitter but necessary medicine for low prices. Iraq is relying on oil revenue to rebuild after years of brutal internal conflict, and yet committed to reductions of 1 million bpd.
Mexican Walk Out
Some delegates accused Nahle of hanging up on the other ministers during the video conference, but she pushed back against that on Friday, saying in a Mexican radio interview she had been "respectful of the other countries" and that each government had to consider its own capacity.
"We all lose in this situation: The producing countries lose and even the consumers do too," she said.
At the heart of the debate has been the reference production level used by Mexico, which for this year has hedged its oil output at $49 per barrel, well above current prices, said one source. It will lose revenues if forced to make cuts.
Delegates tried various ways to get around the issue, but in the end Saudi Arabia "was inflexible," said one OPEC source.
On Friday, Prince Abdulaziz told Reuters the future of the deal hinged on Mexico joining the cuts. The Saudi government was not immediately available for comment on Saturday.
Saudi Arabia has for years complained it has to bear the brunt of global output cuts to prop up prices even as other countries have increased production. The desert kingdom is also currently chair of the Group of 20 economic powers.
Other top oil producers have signaled the U.S.-Mexico arrangement is no hindrance to getting a deal, with the United Arab Emirates and Algeria saying on Saturday a workable deal had been reached. ... ...
Moscow does not mind how the output cut share would be split between Mexico and the United States, and it considered the deal to be already done, a Russian source said.
Some diplomats in Mexico City were baffled Lopez Obrador had struck a deal with Trump, who has been a thorn in the side of Mexico on trade and migration since he took office.
Without offering details, Trump said Mexico would reimburse the United States at a later date, although it is unclear how the deal would work. The diplomats agreed that Mexico would likely pay a price in future.
Lopez Obrador's commitment to Pemex has given him a nationalist flag to fly, but energy experts are doubtful he has the means to significantly turn around the company's fortunes.
Lopez Obrador's plans have put him out of step with the world's energy sector in other ways. His government announced investment plans for Pemex last week, even as the world's biggest private and state-run energy firms slashed their spending plans by an average of about a third.
Even some veterans of the Mexican left who lived through the expropriation of U.S. and British oil assets in 1938 that led to Pemex's creation think he has placed too big a bet on it.
Those who know him well do not think he will back down.
"(Oil) was the banner he flew for years to get to the presidency," said Polimnia Romana Sierra, a longtime
MEXICO CITY/DUBAI April 11 (Reuters) – The biggest supply cut ever contemplated by the world's top oil producers is hanging in the balance as a refusal by Mexico's leftist leader to imperil his plans to rebuild state oil company Pemex has angered the Saudi prince who helped craft the deal.
For the past three days, Mexico has kept the oil industry on tenterhooks by resisting Saudi pressure to sign up to global cuts worth nearly a quarter of output for participating countries, aimed at reviving prices from their lowest level in decades.
Prices have collapsed as the new coronavirus outbreak has shuttered economies around the world and destroyed demand for fuel.
The refusal by President Andres Manuel Lopez Obrador to compromise his plan to revive Pemex by agreeing to steep cuts has shone the global spotlight on Mexico as he prioritizes his domestic agenda over the collective interests of the world's largest oil producers.
Determined to shore up the money-losing and heavily indebted Petroleos Mexicanos, as Pemex is officially known, Lopez Obrador offered only a cut of 100,000 barrels per day (bpd), rather than the 400,000 bpd the group of global producers sought.
In a compromise hammered out with U.S. President Donald Trump, Lopez Obrador said on Friday the United States had offered to cut an additional 250,000 bpd on Mexico's behalf, bringing them close to the target.
However, Saudi Arabia – the heavyweight of global oil diplomacy – has balked at that and dug in its heels, despite some other producers from the group of OPEC nations and their allies – known as OPEC+ – calling for the cuts to go ahead regardless.
Lopez Obrador, a staunch advocate of non-intervention in other countries' affairs, defended his stance on Friday, harking back to a time Mexico was "strong" and "self-sufficient" in oil.
"There were stories in the papers trying to blame us, that there wasn't a deal because of us," the 66-year-old president told reporters, adding that Mexico could not afford the 23% production cut asked of it, but had offered 5.5%.
"Mexico is doing its bit." Lopez Obrador's insistence on the importance of rescuing Pemex was crucial in the arguments he used to persuade Trump to help out, a senior Mexican official told Reuters.
Meanwhile, his representative at the OPEC+ talks, Energy Minister Rocio Nahle, upset some other countries, notably the host Saudi Arabia, whose negotiator Prince Abdulaziz bin Salman argued that making exceptions could encourage others to dodge output commitments, according to several delegates.
"If OPEC+ accepted this and everybody who doesn't like the numbers can just withdraw or leave, then we are in for a really bad time," said one OPEC source.
The source said Nahle, who only last month signed up to smaller planned cuts, was intransigent over the proposed reductions.
I hope we have some sort of clarity, otherwise oil is going to tank.
Just like Rd12 has said storage is running out fast, So cuts need to happen until demand is needed.
Just seen on Bloomberg Australia to boost oil stocks
We will know by Monday midnight.
Or I hope we do. Otherwise oil will tank.
Ffs of course
I’m looking forward to the bell Monday morning and your response jimv
Is wasn’t Dave in the Nags head was it.